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Aveda Transportation and Energy Closes Acquisition of Williston, North Dakota-Based Assets - Video News Alert Summary on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2014) - Aveda Transportation and En...
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[{"type":"text","content":"Aveda Transportation and Energy Closes Acquisition of Williston, North Dakota-Based Assets - Video News Alert Summary on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - February 3, 2014) - Aveda Transportation and Energy Services (TSXV: AVE) continues to grow its market share, closing its previously announced acquisition of Williston, North Dakota-based M&K Hotshot & Trucking and M&K Rig Service. InvestmentPitch.com has produced a \"video news alert\" discussing Aveda Transportation and Energy. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Aveda\" in the search box. If you cannot view the video above, please visit:http://www.investmentpitch.com/video/0_xapu1s6k/Aveda-Transportation-and-Energy-Services-TSXV-AVE-continues-to-grow-its-market-shareAveda provides specialized transportation services and equipment required for the exploration, development and production of petroleum resources in the Western Canadian Sedimentary Basin and in the United States, principally in and around the states of Texas and Pennsylvania. With this acquisition, Aveda becomes a player in the Williston Basin, with the addition of approximately 170 pieces of oilfield hauling equipment, including 79 trailers, 15 conventional tractors, 14 winch trucks and 3 cranes, and approximately 395 pieces of rental equipment. The purchase price is anticipated to be between US$38 million and US$42 million, with an anticipated US$9 million in earnout consideration if certain EBITDA targets are met. This follows the November acquisition of Edson, Alberta-based Belair Rentals, which allowed Aveda to raise its profile in the Cardium formation and in the Montney and Duvernay shales. As is typical with Aveda's recent acquisitions, current M&K owners, management and nearly 90 staff will join the Aveda team. Kevin Roycraft, President & CEO stated \"With the completion of the acquisition we can focus on growing our US business in a high activity, oil-focused basin where rig counts have remained fairly stable over the last few quarters. As we work to integrate M&K's assets and team, we will look to rapidly realize operational synergies and benefit from our growing brand recognition and increased scale.\" The company continues to attract the attention of the investment community, having closed a bought deal ...